Investment Rating - The report maintains an "Accumulate" rating for the company [7] Core Views - The company achieved a revenue of 3.963 billion RMB in H1 2025, representing a year-over-year increase of 63.55%, and a net profit attributable to shareholders of 36.7541 million RMB, up 134.94% year-over-year [1][2] - The copper foil production reached approximately 41,400 tons, a year-over-year increase of 72.46%, with sales of 40,700 tons, up 63.01% year-over-year [2] - The company is optimistic about the second half of the year, driven by a recovery in the lithium battery industry and an increase in demand for high-value-added products [1][2] Summary by Sections Financial Performance - In Q2 2025, the company reported a revenue of 1.982 billion RMB, a year-over-year increase of 32.75% and a quarter-over-quarter increase of 0.07% [1] - The net profit for Q2 was 12.2977 million RMB, reflecting a year-over-year increase of 121.42% but a quarter-over-quarter decrease of 49.72% [1] Production and Capacity - The company has a production capacity utilization rate exceeding 90% as of the end of H1 2025, with plans to increase production to meet a target of over 100,000 tons for the year [2] - The company is expanding its production lines for high-end electronic circuit copper foil, with a planned total capacity of 35,000 tons, of which over 10,000 tons are already in production [3] Business Diversification - The company is diversifying its business by developing high-performance precision copper wire and expanding into photovoltaic energy storage [4] - The company is also exploring new growth areas such as AI computing, semiconductors, and robotics, potentially through mergers and acquisitions [4] Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025-2027 is 115.26 million RMB, 258.52 million RMB, and 407.41 million RMB, respectively [5] - The target price for the company is set at 35.73 RMB, based on a price-to-book ratio of 2.17 for 2025 [5][9]

公募基金方面，本期较上一季度新披露的公募基金共计8个，主要包括大成中证360互联网+指数A、鹏 华中证1000指数增强A、国联安中证1000指数增强A、华宝中证A500指数增强A、华宝量化选股混合发 起式A等。本期较上一季未再披露的公募基金共计4个，包括华商量化进取混合、工银中证500六个月持 有指数增强A、国证2000ETF基金、南方上证科创板新材料ETF发起联接A。 2025年8月26日，嘉元科技(688388.SH)发布2025年半年度报告。截至2025年8月25日，共有20个机构投 资者披露持有嘉元科技A股股份，合计持股量达1.57亿股，占嘉元科技总股本的36.83%。其中，前十大 机构投资者包括山东嘉沅实业投资有限公司、赣州发展投资基金管理有限公司-赣州发展定增叁号投资 基金(有限合伙)、香港中央结算有限公司、芜湖信达降杠杆投资管理合伙企业(有限合伙)、景和资本管 理(深圳)有限公司-景和开泰一号私募证券投资基金、江西国控资本有限公司、深圳市远致瑞信股权投资 管理有限公司-深圳市远致瑞信新一代信息技术私募股权投资基金合伙企业(有限合伙)、广东华骏私募基 金管理有限公司-华骏先进制造5号私募证券投资基 ...

Core Viewpoint - The company, Guangdong Jiayuan Technology Co., Ltd., is set to hold a performance briefing on September 3, 2025, to discuss its half-year results and financial status, inviting investor participation and questions [3][4][5]. Group 1: Company Overview - The company is listed under the stock code 688388 and is involved in the new energy sector [1]. - The company has not made any significant changes to its governance structure or shareholder arrangements during the reporting period [1][2]. Group 2: Financial Data - The company reported a total fundraising amount of RMB 1,240 million from convertible bonds issued in 2021, with a net amount of RMB 1,225 million after deducting issuance costs [21]. - The company raised RMB 3,407 million from a private placement of shares, with a net amount of RMB 3,378 million after costs [22]. - As of June 30, 2025, the company had unutilized fundraising balances of RMB 113 million from convertible bonds and RMB 253 million from the private placement [23][24]. Group 3: Fund Management - The company has established a fundraising management system to ensure efficient use and protection of investor rights [25][26]. - The company has signed tripartite supervision agreements for the management of fundraising accounts with various banks [27]. - As of June 30, 2025, the company had no idle funds from the convertible bonds and had RMB 230 million in cash management from the private placement [31][33]. Group 4: Performance Briefing Details - The performance briefing will take place online at the Shanghai Stock Exchange Roadshow Center, allowing for interactive Q&A [5][7]. - Key executives, including the chairman and financial officer, will participate in the briefing [5][14].

Core Points - The report details the fundraising activities and usage of funds by Guangdong Jiayuan Technology Co., Ltd, including the issuance of convertible bonds and A-shares, along with the management of raised funds [1][2][3] Fundraising Overview - The company raised a total of RMB 1,225.16 million from the issuance of 12.4 million convertible bonds, with net proceeds after expenses amounting to RMB 1,225.16 million [1] - Additionally, the company raised RMB 3,378.39 million from the issuance of 70,257,493 A-shares, with net proceeds of RMB 3,378.39 million after deducting issuance costs [1][2] Fund Usage and Balance - As of June 30, 2025, the company had used RMB 1,157.41 million of the raised funds, with a remaining balance of RMB 113.00 million, including interest income [1][3] - The company reported interest income from raised funds totaling RMB 22.80 million, with no income from financial products in the first half of 2025 [1][3] Fund Management - The company has established a fundraising management system to ensure compliance with relevant laws and regulations, enhancing the efficiency and effectiveness of fund usage [1][2] - The company has signed tripartite supervision agreements with various banks to manage the raised funds securely [2] Project Investment Status - The company has invested in several projects, including a high-performance copper foil project and a technology innovation center, with varying degrees of completion and effectiveness [4][5] - The company has adjusted the internal investment structure of certain projects, extending the expected completion date for some projects due to market conditions and operational challenges [5][7] Financial Management of Idle Funds - The company has utilized idle funds for cash management, investing in low-risk financial products, with a balance of RMB 230.56 million in the cash management account as of June 30, 2025 [6][7] - No idle funds were used to temporarily supplement working capital during the reporting period [6][7] Summary of Fund Usage - The total amount of funds raised and their usage is detailed in specific tables, showing the allocation and progress of various projects [4][5] - The company has not encountered significant issues regarding the use and disclosure of raised funds during the reporting period [5][8]

证券代码：688388 证券简称：嘉元科技 公告编号：2025-082 ? 会议召开时间：2025 年 9 月 3 日（星期三）下午 15:00-17:00 ? 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） ? 会议召开方式：上证路演中心网络文字互动 转债代码：118000 转债简称：嘉元转债 广东嘉元科技股份有限公司 关于参加 2025 年半年度科创板新能源行业集体业绩说明会的公告 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： ? 会议召开时间：2025 年 9 月 3 日（星期三）下午 15:00-17:00 ? 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） ? 会议召开方式：上证路演中心网络文字互动方式 ? 投资者可于 2025 年 8 月 27 日（星期三） 至 9 月 2 日 （星期二）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 回答 ...

Core Viewpoint - The report outlines Guangdong Jiayuan Technology Co., Ltd.'s commitment to enhancing operational quality and investor returns through a comprehensive action plan for 2024 and 2025, emphasizing the importance of innovation and governance in achieving high-quality development [1][17]. Group 1: Operational Performance - The company achieved a copper foil production of approximately 41,400 tons, a year-on-year increase of 72.46%, and sales of 40,700 tons, up 63.01% [2]. - Revenue reached 3,962.92 million yuan, reflecting a growth of 63.55%, while net profit attributable to shareholders was 36.75 million yuan, marking a turnaround from losses [2]. - The company’s total assets increased by 5.06% to 13,705.19 million yuan, and net assets grew by 1.07% to 6,976.16 million yuan [2]. Group 2: Production and Market Strategy - The company focused on its core copper foil business, enhancing production quality and efficiency while increasing capacity utilization and reducing production costs [3][4]. - The annual production capacity for copper foil exceeded 130,000 tons, positioning the company among the top domestic producers [3]. - The company is actively expanding its market presence by developing high-value products and establishing relationships with overseas clients, including those in Japan, South Korea, and Southeast Asia [4][5]. Group 3: Research and Development - R&D investment reached 190.20 million yuan, a 40.82% increase year-on-year, with 318 R&D personnel, accounting for 12.18% of the total workforce [6]. - The company applied for 17 technology patents during the reporting period, including 11 invention patents, and received 3 new patent authorizations [6][7]. - The focus on high-performance copper foil products has led to significant advancements in technology, including breakthroughs in various specialized copper foil applications [8][9]. Group 4: Governance and Investor Relations - The company has strengthened its governance framework, ensuring compliance with regulatory requirements and enhancing internal controls [10][11]. - A stock incentive plan was implemented to align the interests of key personnel with company performance, promoting long-term growth [12]. - The company emphasizes transparent communication with investors, having disclosed 117 announcements in the first half of 2025, and actively engages with stakeholders through various channels [14][15][16]. Group 5: Shareholder Returns - The company has adopted a policy of not distributing cash dividends for the 2024 fiscal year due to negative net profit, focusing instead on maintaining cash reserves for future growth [13][14]. - The commitment to enhancing shareholder value is reflected in the ongoing efforts to improve operational performance and market competitiveness [13][14].

证券代码：688388 证券简称：嘉元科技 公告编号：2025-081 转债代码：118000 转债简称：嘉元转债 广东嘉元科技股份有限公司 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： ? 会议召开时间：2025 年 9 月 2 日（星期二）下午 13:00-14:00 ? 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） ? 会议召开方式：上证路演中心网络文字互动 ? 投资者可于 2025 年 8 月 26 日（星期二）至 9 月 1 日（星期一）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 回答。 广东嘉元科技股份有限公司（以下简称"公司"）于 2025 年 8 月 26 日在上 海证券交易所网站（www.sse.com.cn）披露了公司《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 年半年度经营成果及财务状况，公司 计划于 9 月 ...

公司代码：688388 公司简称：嘉元科技 广东嘉元科技股份有限公司 广东嘉元科技股份有限公司2025 年半年度报告摘要 广东嘉元科技股份有限公司2025 年半年度报告摘要 第一节 重要提示 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。 公司已在本报告中详细阐述公司在经营过程中可能面临的各种风险及应对措施，敬请查阅本 报告"第三节 管理层讨论与分析"之" 四、风险因素"。 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 第二节 公司基本情况 公司股票简况 公司股票简况 股票种类 股票上市交易所 股票简称 股票代码 变更前股票简称 上海证券交易所科 A股 嘉元科技 688388 无 创板 公司存托凭证简况 □适用 √不适用 联系人和联系方式 证券事务代表 | | 表） | | | --- | --- | --- | | 姓名 | 李恒宏 | 杜京宣 | | 电话 | 0753-2825818 | 0753-2825818 | | 办公地址 | 广东省梅州市梅县区雁洋镇文 | 广东省梅州市梅县区雁洋镇文 | | | 广东嘉元科技股份有限公司20 ...

嘉元科技(688388.SH)披露2025年半年度报告，报告期公司实现营收39.63亿元，同比增长63.55%;归母净 利润3675万元，同比扭亏为盈;扣非净利润1036万元，同比扭亏为盈;基本每股收益0.09元。 ...

Core Viewpoint - The company reported significant growth in both revenue and net profit for the first half of the year, driven by increased sales orders, higher capacity utilization, and reduced production costs [2] Financial Performance - The company achieved a revenue of 3.963 billion, representing a year-on-year increase of 63.55% [2] - The net profit reached 36.7541 million, marking a turnaround from a loss to profitability compared to the previous year [2] Operational Factors - The growth in revenue and profit is attributed to a year-on-year increase in sales orders [2] - The company experienced a rise in capacity utilization compared to the previous year [2] - There was a reduction in unit production costs, contributing to improved profitability [2]