Group 1 - The company achieved a total operating revenue of 1.79 billion yuan in the first half of 2025, representing a year-on-year growth of 18.29% [1] - The net profit attributable to shareholders of the parent company was 35.76 million yuan, reflecting a year-on-year increase of 21.68% [1] - The basic earnings per share stood at 0.34 yuan [1]

有研粉末新材料股份有限公司2025 年半年度报告 公司代码：688456 公司简称：有研粉材 1 / 180 有研粉末新材料股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、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。 二、 重大风险提示 公司已在本报告中描述了存在的风险事项，敬请查阅第三节"管理层讨论与分析"中详述公司 可能面对的风险因素及对策部分的内容。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人贺会军、主管会计工作负责人姜珊及会计机构负责人（会计主管人员）王洵声 明：保证半年度报告中财务报告的真实、准确、完整。 有研粉末新材料股份有限公司 2025 年半年度报告 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 √适用 □不适用 本报告中涉及的公司业务发展等前瞻性陈述，不构成公司对投资者的实质承诺，敬请投资者注 意投资风险。 九、 是否存在被控股 ...

Group 1 - The company's operating revenue for the first half of 2025 reached 1.79 billion yuan, representing a year-on-year growth of 18.29% [1] - The net profit amounted to 35.76 million yuan, showing a year-on-year increase of 21.68% [1] - Basic earnings per share were 0.34 yuan, reflecting a year-on-year growth of 21.43% [1]

截至3月31日，有研粉材股东户数5556.00，较上期增加5.95%；人均流通股18657股，较上期减少 5.62%。2025年1月-3月，有研粉材实现营业收入7.96亿元，同比增长20.34%；归母净利润1033.68万元， 同比增长5.71%。 分红方面，有研粉材A股上市后累计派现1.03亿元。近三年，累计派现6219.60万元。 8月26日，有研粉材跌2.40%，成交额1.41亿元。两融数据显示，当日有研粉材获融资买入额2283.28万 元，融资偿还2501.84万元，融资净买入-218.57万元。截至8月26日，有研粉材融资融券余额合计2.11亿 元。 融资方面，有研粉材当日融资买入2283.28万元。当前融资余额2.11亿元，占流通市值的4.09%，融资余 额超过近一年70%分位水平，处于较高位。 融券方面，有研粉材8月26日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余量0.00股，融券余额0.00元，超过近一年90%分位水平，处于高位。 资料显示，有研粉末新材料股份有限公司位于北京市怀柔区雁栖经济开发区雁栖路3号1幢，成立日期 2004年3月4日，上市日期 ...

Core Viewpoint - The powder high-speed steel market is expanding due to increasing demand in high-end manufacturing sectors such as aerospace and automotive, with the market size in China projected to reach 3.9 billion yuan in 2024, a year-on-year increase of 4% [1][12]. Industry Overview - Powder high-speed steel is produced using powder metallurgy technology, which offers significant advantages over traditional casting methods, such as uniform distribution of carbide particles, leading to improved strength, toughness, and hardness [2][4]. - The production process involves high-pressure inert gas or water atomization to create fine, uniform steel powder, which is then shaped and sintered [2]. Industry Development History - The powder high-speed steel industry has evolved over decades, with the first generation emerging in the 1960s. The introduction of new technologies in the 1990s significantly reduced impurity levels, leading to the second generation, while the third generation, post-2000, features finer steel powder and further improved properties [6][10]. Industry Chain - The upstream materials for powder high-speed steel include hard alloy steel powder, carbon steel, tungsten, molybdenum, chromium, vanadium, and cobalt. The midstream involves the production of powder high-speed steel, while the downstream applications span mechanical processing, automotive, aerospace, and mold manufacturing [8]. Current Industry Status - Domestic production of powder high-speed steel has increased significantly, with a production volume of 15,600 tons in 2018, projected to grow to 19,500 tons by 2024, reflecting a compound annual growth rate of 3.8% [10][12]. Competitive Landscape - International companies like Sandvik, Erasteel, Toshiba Materials, and Kennametal dominate the high-end market, while domestic leaders like Tiangong International are making strides in mid-to-high-end market segments through technological advancements [14]. Key Companies - Tiangong International, established in 1981, is a leading manufacturer of high-speed steel and cutting tools, with a revenue of 4.832 billion yuan in the 2024 fiscal year, a decrease of 6.42% year-on-year [16]. - HeYe Technology, a subsidiary of Antai Technology, specializes in high-speed tool steel and has a broad market presence across various industrial sectors [18]. Industry Trends - Continuous technological innovation is expected to enhance the performance of powder high-speed steel, with a focus on optimizing alloy compositions and improving sintering processes [20]. - The market is becoming increasingly competitive, necessitating domestic companies to strengthen their technological capabilities and brand positioning [21]. - The industry is also moving towards green transformation, with companies adopting energy-efficient production methods and cleaner technologies to reduce environmental impact [23].

Core Viewpoint - The rare earth permanent magnet sector in the A-share market has experienced a significant pullback, with multiple companies facing substantial declines in their stock prices [1] Group 1: Market Performance - Jintian Co. has hit the daily limit down, while Beikong Technology is nearing the limit down, indicating severe market pressure [1] - Dongfang Zirconium has dropped over 7%, with Ashi Chuang and Sanchuan Wisdom both falling over 6% [1] - Other companies such as Keheng Co., Longmag Technology, Youyan Powder Materials, and Yingweideng have also seen declines exceeding 4% [1] Group 2: Company Specifics - Jintian Co. reported a decline of 9.97% with a total market capitalization of 22.6 billion [2] - Beikong Technology saw a decrease of 9.81%, with a market cap of 4.783 billion [2] - Dongfang Zirconium experienced a drop of 7.59%, with a market value of 10.5 billion [2] - Ashi Chuang's stock fell by 6.59%, with a market cap of 7.01 billion [2] - Sanchuan Wisdom decreased by 6.12%, with a market capitalization of 7.343 billion [2] - Keheng Co. dropped by 5.99%, with a market cap of 5.024 billion [2] - Longmag Technology fell by 4.89%, with a market value of 7.269 billion [2] - Youyan Powder Materials decreased by 4.44%, with a market cap of 5.181 billion [2] - Yingweideng saw a decline of 4.00%, with a market capitalization of 8.005 billion [2] - Zhenghai Magnetic Materials and Benlang New Materials both dropped by 3.29% and 3.11% respectively, with market caps of 15 billion and 3.741 billion [2]

Group 1 - The company, Youyan Powder Materials, announced that it will hold a semi-annual performance briefing on August 28, 2025, from 16:00 to 17:00 [1]

证券代码：688456 证券简称：有研粉材 公告编号：2025-033 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 08 月 21 日 （星期四） 至 08 月 27 日 （星 期三）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 yyfm@gripm.com 进行提问。公司将在说明会上对投 资者普遍关注的问题进行回答。 有研粉末新材料股份有限公司（以下简称公司）将于 2025 年 8 月 28 日发布公司 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 08 月 28 日（星期四）16:00-17:00 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 会议召开时间：2025 年 08 月 28 日 （星期四） 16:00-17:00 会议召开地点：上海证券交易所上证路演中心（网址： 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围内就投资者普遍关 ...

Group 1 - The upcoming military parade on September 3 will showcase a new generation of weaponry, marking the first major display of China's modernized military capabilities [6][7][9] - The parade will feature over a hundred types of domestically produced main battle equipment, including advanced technologies such as hypersonic weapons, air defense systems, and strategic missiles [9][11][10] - The military industry has seen a resurgence, with the sector experiencing a cumulative increase of over 35% since April, driven by geopolitical tensions and technological advancements [13][15] Group 2 - The stock market reacted positively to the news of the parade, with significant short-term gains in aerospace, satellite navigation, and military stocks, although some stocks retreated after initial highs [2][3] - Notable stock performances include Zhongtian Rocket, which achieved a 9.99% increase, and Yunnan Zhiye, which also saw a 9.99% rise, among others [4][5] - Historical data indicates that major military parades typically catalyze military stock performance, with significant gains observed in the months leading up to such events [17]

Core Viewpoint - The company has made progress in the development of lightweight components for robots, utilizing various manufacturing technologies and is currently in discussions with leading enterprises for related component development [1] Group 1: Company Developments - The company possesses technological reserves in additive manufacturing, injection molding, and powder pressing for the production of lightweight robot components [1] - The company is actively engaging with top enterprises regarding the development of relevant components [1]