Core Insights - Sanfu Xinke (688359.SH) released its semi-annual report for 2025 on August 26, 2025, indicating the current status of institutional investors' holdings [1] Institutional Holdings - As of August 25, 2025, four institutional investors disclosed their holdings in Sanfu Xinke A-shares, totaling 8.3788 million shares, which represents 8.57% of the total share capital [1] - The institutional investors include Shanghai Juntang Asset Management Co., Ltd. - Juntang Innovation Growth No. 1 Private Securities Investment Fund, and three funds managed by Shanghai Jisheng Investment Management Co., Ltd. [1] - Compared to the previous quarter, the total proportion of institutional holdings decreased by 0.11 percentage points [1]

Core Viewpoint - The company has reported a total asset impairment provision of 9.8393 million yuan for the first half of 2025, reflecting a cautious approach to financial reporting and asset management [4][5]. Financial Data - The total amount of asset impairment provisions for the first half of 2025 is 9.8393 million yuan, which includes 7.4533 million yuan for inventory impairment and 2.3860 million yuan for credit impairment losses [4][5]. - The impairment losses will impact the company's consolidated profit before tax by the same amount, excluding the effects of income tax [5]. Company Governance - The board of directors and supervisory board have confirmed the accuracy and completeness of the half-year report, ensuring no false statements or omissions exist [1][12]. - The company plans to hold a performance briefing on September 22, 2025, to discuss the half-year results and address investor inquiries [8][9]. Meeting Details - The performance briefing will take place online at the Shanghai Stock Exchange Roadshow Center, allowing for interactive communication with investors [9][10]. - Key personnel, including the chairman and financial officer, will be present to engage with investors during the briefing [9].

Summary of Key Points Core Viewpoint - The company has reported a total asset impairment provision of 9.8393 million RMB for the first half of 2025, reflecting a cautious approach to accurately represent its financial status and operational performance as of June 30, 2025 [1][2]. Group 1: Asset Impairment Provision Overview - The company has recognized an asset impairment loss of 7.4533 million RMB, which includes a loss of 7.4639 million RMB for inventory depreciation and a minor gain of 1.06 million RMB for contract assets [1]. - The total credit impairment loss amounts to 2.3860 million RMB, broken down into 0.5002 million RMB for notes receivable, 2.0410 million RMB for accounts receivable, and a gain of 0.1552 million RMB for other receivables [1]. Group 2: Specifics of Impairment Provision - The inventory impairment provision is calculated based on the lower of cost and net realizable value, with provisions made when costs exceed net realizable values [2]. - The expected credit loss for contract assets is determined using the company's financial asset impairment accounting policies, based on expected credit loss rates as of the balance sheet date [2]. Group 3: Impact of Impairment Provision - The impairment provisions are recorded under asset impairment losses and credit impairment losses, impacting the company's financial statements for the first half of 2025 [2]. - The reported figures are subject to final auditing by the accounting firm, with the final data to be confirmed in the annual audit [2].

Group 1 - The company will hold a half-year performance briefing on September 22, 2025, from 9:00 to 10:00 AM [1][2] - The briefing will be conducted in an interactive online format via the Shanghai Stock Exchange Roadshow Center [2][3] - Key company representatives, including the Chairman, General Manager, and Financial Officer, will attend the briefing [2] Group 2 - Investors can submit questions for the briefing from September 15 to September 19, 2025, until 4:00 PM [3] - The company will address commonly asked questions during the briefing [2][3] - After the briefing, investors can access the main content and details through the Shanghai Stock Exchange Roadshow Center [3]

Core Viewpoint - The company is focused on enhancing quality, increasing investor returns, and achieving shared interests between management and shareholders through its "Quality Improvement and Efficiency Enhancement Action Plan" for 2025 [1][3]. Group 1: Business Focus and Strategy - The company specializes in surface engineering chemicals and equipment, primarily engaged in research, development, production, and sales of environmentally friendly surface engineering products [1][2]. - The company aims to provide "one-stop" solutions for clients in the PCB and new energy sectors, leveraging its expertise in surface engineering technology [2][4]. - The company has established a comprehensive product matrix for high-end PCB manufacturing, addressing the increasing complexity and demand in the industry [4]. Group 2: Financial Performance - In the reporting period, the company achieved revenue of approximately 227.3 million yuan, a year-on-year decrease of 23.26%, and a net profit attributable to shareholders of approximately -22.3 million yuan, indicating a decline compared to the previous year [3][8]. - The decline in revenue is attributed to market changes, cyclical adjustments in the copper foil industry, and challenges in new business development [3][5]. Group 3: R&D and Innovation - The company emphasizes R&D as a primary driver of growth, with R&D investment reaching approximately 32.9 million yuan, accounting for 14.48% of revenue, an increase of 1.75 percentage points from the previous year [8]. - The company has developed a strong R&D team with 91 invention patents and 97 utility model patents, focusing on various industries including PCB, new energy, and automotive components [8][9]. - Recent advancements include the development of 3D composite copper foil technology, which enhances battery performance and safety, and is applicable in high-end consumer electronics and new energy vehicles [7][8]. Group 4: Governance and Investor Relations - The company is committed to improving governance structures and enhancing communication with investors, adhering to regulatory requirements for information disclosure [10][11]. - The company has implemented a stock incentive plan to align management interests with shareholder returns, ensuring that executive compensation is linked to company performance [11][12]. Group 5: Future Outlook - The company is optimistic about the long-term development of advanced materials in the new energy and electronics sectors, actively investing in projects related to high-safety dry electrode battery materials and composite materials [6][9]. - The company plans to focus resources on high-value PCB business and strengthen relationships with leading clients to enhance core competitiveness [4][6].

Core Viewpoint - The report highlights the financial performance and operational status of Guangzhou Sanfu New Materials Technology Co., Ltd. for the first half of 2025, indicating a significant decline in revenue and an increase in losses compared to the previous year. Financial Performance - The company's operating revenue for the first half of 2025 was approximately 227.30 million RMB, a decrease of 23.26% compared to 296.18 million RMB in the same period last year [6]. - The total profit for the period was a loss of approximately 32.20 million RMB, compared to a loss of 0.49 million RMB in the previous year [6]. - The net profit attributable to shareholders was approximately -22.31 million RMB, compared to -5.87 million RMB in the previous year [6]. - The net cash flow from operating activities was approximately 10.84 million RMB, a decrease of 29.38 million RMB compared to the previous year [6]. - The company's total assets increased by 6.34% to approximately 1.35 billion RMB, while the net assets attributable to shareholders increased by 22.96% to approximately 625.23 million RMB [6]. Industry Overview - The company operates in the surface engineering industry, focusing on the research, development, production, and sales of specialized chemical products and equipment for surface engineering [12]. - Surface engineering technology is a comprehensive field that integrates materials science, physics, chemistry, and other disciplines, playing a crucial role in enhancing material properties and extending product lifespans [12]. - The market for surface engineering chemicals and equipment is growing, driven by increasing applications in various sectors such as aerospace, electronics, automotive, and household goods [12][13]. Product and Application - The company's main products include electronic chemicals and general electroplating chemicals, which are used in various applications such as PCB manufacturing, automotive parts, and hardware products [13]. - The electronic chemicals are specifically designed for surface treatment processes in the electronics industry, while general electroplating chemicals are used in automotive and hardware industries [13]. - The company aims to provide integrated solutions by combining specialized chemicals with surface engineering equipment, enhancing customer loyalty and market competitiveness [13]. Market Trends - The surface engineering industry is experiencing a shift towards domestic production due to geopolitical tensions and trade protectionism, creating significant opportunities for local manufacturers [8]. - Rising commodity prices are accelerating the demand for cost-reduction and efficiency-enhancing technologies, prompting innovations in surface treatment processes [8]. - The growth of AI and advanced manufacturing technologies is driving higher performance requirements in surface treatment processes, benefiting companies with strong R&D capabilities [8][10].

规划，投资者应当到 www.sse.com.cn 网站仔细阅读半年度报告全文。 公司已在本报告中阐述了公司在生产经营过程中可能面临的风险因素，敬请查阅"第三节 管 理层讨论与分析 四、风险因素"部分。 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 无。 □适用 √不适用 广州三孚新材料科技股份有限公司2025 年半年度报告摘要 广州三孚新材料科技股份有限公司2025 年半年度报告摘要 公司代码：688359 公司简称：三孚新科 广州三孚新材料科技股份有限公司 广州三孚新材料科技股份有限公司2025 年半年度报告摘要 第一节 重要提示 截至报告期末持有特别表决权股份的股东总数（户） 前 10 名股东持股情况 | | | | 持有有 | 包含转融通 | 质押、 | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | 标记或 | | | | 持股比 | 持股 | | 限售条 | 借出股份的 | | | 股东名称 | 股东性质 | | | | | 冻结的 | | | 例(%) | 数量 | | 件的股 | 限售股份数 | | ...

证券日报网讯 8月25日晚间，三孚新科发布公告称，2025年半年度公司实现营业收入227，299，034.98 元，同比下降23.26%；归属于上市公司股东的净利润为-22，310，520.99元。 （文章来源：证券日报） ...

证券日报网讯 8月25日晚间，三孚新科发布公告称，公司第四届监事会第十七次会议审议通过了《关于 2025年半年度报告及其摘要的议案》。 （文章来源：证券日报） ...

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]