证券代码：688519 证券简称：南亚新材 公告编号：2025-059 南亚新材料科技股份有限公司 实际控制人之一兼董事长及监事减持股份计划公 告 本公司董事会、全体董事及相关股东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： 大股东及董监高持有的基本情况 截至本公告披露之日，南亚新材料科技股份有限公司（以下简称"公司"） 实际控制人、董事长包秀银先生持有公司股份 14,945,543 股，占公司总股本的 6.37%。上述股份来源于公司首次公开发行前持有的股份以及公司非公开发行股 份，合计 14,945,543 股，其中首次公开发行前持有的股份 8,755,543 股已于 2024 年 2 月 19 日解除限售并上市流通，非公开发行 6,190,000 股已于 2025 年 8 月 8 日解除限售并上市流通。监事金建中先生持有公司股份 1,081,750 股，占公司总 股本的 0.46%，上述股份来源于公司首次公开发行前持有的股份，已于 2021 年 8 月 18 日解除限售并上市流通。 减持计划的主要内容 近日，公司分别收到 ...

Core Viewpoint - The actual controller and chairman of the company, Bao Xiuyin, plans to reduce his holdings due to personal financial needs, which may impact the stock price and investor sentiment [1] Group 1 - The company announced that Bao Xiuyin intends to reduce his holdings from September 3, 2025, to December 2, 2025, through centralized bidding and block trading [1] - The total shares to be reduced by Bao Xiuyin amount to a maximum of 373.6 thousand shares, representing 1.59% of the company's total share capital [1] - Additionally, supervisor Jin Jianzhong plans to reduce his holdings by up to 27 thousand shares during the same period, accounting for 0.12% of the total shares [1]

证券代码：688519 证券简称：南亚新材 公告编号：2025-058 南亚新材料科技股份有限公司 关于回购股份集中竞价减持股份进展公告 本公司董事会、全体董事及相关股东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： 回购股份的基本情况 南亚新材料科技股份有限公司（以下简称"公司"）于 2024 年 2 月 21 日至 2024 年 4 月 16 日期间累计回购公司股份 7,866,401 股。前述股份将于回购完成 公告披露十二个月后采用集中竞价交易方式出售，并在回购完成公告披露后三年 内完成出售，若公司未能在上述期限内完成出售，未实施出售部分股份将履行相 关程序予以注销。 减持计划的进展情况 2025 年 7 月 14 日，公司在上海证券交易所网站（www.sse.com.cn）披露了 《关于回购股份集中竞价减持计划的公告》，公司计划自本公告之日起 15 个交 易日后的三个月内，通过集中竞价交易方式，按市场价格减持不超过 2,347,710 股的已回购股份，占公司总股本不超过 1%。若此期间公司有送股、资本公积金 转增股本等 ...

Core Viewpoint - The company has demonstrated significant growth in revenue and net profit for the first half of 2025, driven by successful market expansion in communications, AI, and server sectors [2][4]. Financial Performance - In H1 2025, the company achieved revenue of 2.305 billion yuan, a year-on-year increase of 43.06%, and a net profit attributable to shareholders of 87 million yuan, up 57.69% year-on-year [2][4]. - For Q2 2025, the company reported revenue of 1.353 billion yuan, a year-on-year increase of 41.69% and a quarter-on-quarter increase of 42.01%. The net profit for Q2 was 66 million yuan, reflecting a year-on-year increase of 46.21% and a quarter-on-quarter increase of 212.82% [2][4]. - The gross margin for H1 2025 improved by 1.4 percentage points to 11.53%, while the net margin increased by 0.35 percentage points to 3.78% [2][4]. Product Development - The company is successfully expanding its product range, particularly in high-speed copper-clad laminates, which have seen significant volume growth, especially in high-end products for AI servers [3][4]. - The company is actively pursuing domestic substitution in various types of copper-clad laminates and has achieved customer validation for some products in the HDI and IC substrate materials sectors [3][4]. - In the automotive materials sector, the company has developed various grades and types of materials for smart electric drives and autonomous driving, with product certifications progressing smoothly [3]. Capacity Expansion - The company is expanding its production capacity, with the Jiangxi N4-N5 factory reaching full production and the N6 factory adding two new production lines [4]. - The construction of a high-end electronic circuit substrate base in Nantong, Jiangsu, is underway, with the first smart factory for IC substrate materials beginning trial piling [4]. - The company is also planning overseas production bases, including a commercial land lease in Thailand [4]. Investment Outlook - The company maintains its profit forecasts for 2025-2027, expecting net profits of 264 million yuan, 520 million yuan, and 761 million yuan, respectively, with corresponding PE ratios of 40.1x, 20.4x, and 13.9x based on the closing price on August 8, 2025 [4]. - The PCB industry is experiencing favorable conditions, with increasing demand from AI and high-speed communication sectors, highlighting the structural demand for high-end products [4].

Investment Rating - The report maintains an "Accumulate" rating for the company [6][7]. Core Viewpoints - The company has benefited from significant growth in high-end products, with a 213% quarter-on-quarter increase in net profit for Q2 2025. The first half of 2025 saw revenue of 2.305 billion yuan, a year-on-year increase of 43.06%, and a net profit of 87 million yuan, up 57.69% year-on-year [2][13]. - The company's M8 grade materials are now in small-batch production for AI servers, and the gross margin for copper-clad laminates increased by 1.78 percentage points year-on-year in the first half of 2025 [3][4]. - The company is positioned as a leading domestic copper-clad laminate manufacturer, with a market share of approximately 3.2% globally, and is expected to benefit from the domestic substitution process [6]. Financial Summary - Revenue projections for the company are as follows: 2,983 million yuan in 2023, 3,362 million yuan in 2024, 4,774 million yuan in 2025, 6,180 million yuan in 2026, and 7,591 million yuan in 2027, with growth rates of -21.1%, 12.7%, 42.0%, 29.4%, and 22.8% respectively [1]. - The net profit attributable to the parent company is projected to be -129 million yuan in 2023, 50 million yuan in 2024, 253 million yuan in 2025, 511 million yuan in 2026, and 821 million yuan in 2027, with year-on-year growth rates of -387.9%, 138.9%, 403.6%, 101.7%, and 60.7% respectively [1]. - The company’s return on equity (ROE) is expected to improve from -5.3% in 2023 to 20.7% in 2027 [1]. Product and Market Development - The company has achieved significant sales growth in its main products, with revenue from copper-clad laminates reaching 1.78 billion yuan in the first half of 2025, a year-on-year increase of 41.88% [3]. - The company is expanding its production capacity, with plans to reach nearly 4 million sheets per month by the end of 2025, supported by new factories in Shanghai, Jiangxi, Jiangsu, and Thailand [5]. - The company is actively involved in various high-performance product sectors, including 5G, cloud computing, AI, and automotive applications [3][4].

Core Viewpoint - The financial performance of Nanya New Materials (688519) for the first half of 2025 shows significant growth in revenue and net profit, indicating a strong market position and operational efficiency [1]. Financial Performance Summary - Total revenue reached 2.305 billion yuan, a year-on-year increase of 43.06% [1]. - Net profit attributable to shareholders was 87.19 million yuan, up 57.69% year-on-year [1]. - In Q2 2025, total revenue was 1.353 billion yuan, reflecting a 41.69% increase compared to the same quarter last year [1]. - Q2 net profit attributable to shareholders was 66.07 million yuan, a 46.21% increase year-on-year [1]. - Gross margin improved to 11.53%, up 13.77% year-on-year, while net margin increased to 3.78%, a 10.23% rise [1]. - Total operating expenses were 68.56 million yuan, accounting for 2.97% of revenue, down 11.37% year-on-year [1]. Balance Sheet Highlights - Accounts receivable increased by 53.65% to 2.102 billion yuan, attributed to higher sales revenue [1][2]. - Cash and cash equivalents rose by 46.87% to 523 million yuan [1]. - Interest-bearing debt increased by 75.81% to 501 million yuan [1]. Cash Flow Analysis - Operating cash flow per share was -0.29 yuan, a significant decrease of 160.77% year-on-year [1]. - The net cash flow from investing activities decreased by 347.87%, primarily due to increased cash payments for fixed and intangible assets [5]. Market and Business Strategy - The company is actively expanding its market presence both domestically and internationally, focusing on high-speed materials for server and networking applications [9]. - The company has established a technical promotion and support team overseas, particularly in Taiwan, to enhance its market penetration [9]. Investment Interest - Several funds have shown interest in Nanya New Materials, with notable holdings from various investment funds [8]. - The company is expected to achieve a net profit of 250 million yuan in 2025, with an average earnings per share forecast of 1.05 yuan [7].

Group 1 - The company reported a significant increase in revenue and profit for the first half of 2025, with total revenue reaching 2.305 billion yuan, a year-on-year increase of 43.06%, and net profit attributable to shareholders of 87.19 million yuan, up 57.69% year-on-year [2] - In Q2 2025, total revenue was 1.353 billion yuan, reflecting a year-on-year growth of 41.69%, while net profit attributable to shareholders was 66.07 million yuan, an increase of 46.21% year-on-year [3] - The company's gross margin was 11.53%, up 13.77% year-on-year, and net margin was 3.78%, an increase of 10.23% year-on-year, indicating room for improvement in cost control and profitability [4] Group 2 - Total selling, administrative, and financial expenses amounted to 68.56 million yuan, with a ratio to revenue of 2.97%, showing an 11.37% year-on-year decrease, indicating effective cost control [5] - The company reported a net asset value per share of 10.83 yuan, a 6.32% increase year-on-year, and earnings per share of 0.39 yuan, up 62.50% year-on-year, while operating cash flow per share was -0.29 yuan, a decline of 160.77% year-on-year, indicating significant pressure on cash flow [6] Group 3 - As of the end of the reporting period, accounts receivable stood at 2.102 billion yuan, a year-on-year increase of 53.65%, with accounts receivable to profit ratio at 4178%, raising concerns about cash flow [7] - The main business revenue primarily comes from copper-clad laminates and bonding sheets, with copper-clad laminate revenue at 1.78 billion yuan (77.24% of main revenue) and a gross margin of 6.68%, while bonding sheet revenue was 483 million yuan (20.95% of main revenue) with a gross margin of 30.36%, indicating differences in profitability across product lines [8] Group 4 - The company operates in the "C3985 Electronic Special Materials Manufacturing" industry, which has seen increased demand for high-end copper-clad laminates driven by AI servers, along with price increases for copper-clad laminates and a shift towards high-frequency, high-speed, and high-thermal conductivity products due to new application demands [9] - The company is actively responding to market changes by increasing R&D investment and developing multiple high-performance products to achieve breakthroughs in key technologies [9] Group 5 - Overall, the company achieved significant revenue and profit growth in the first half of 2025, but faces considerable risks related to cash flow and accounts receivable, necessitating improved management in these areas for sustainable future development [10]

Group 1 - Nanya New Materials has experienced a decline for five consecutive trading days, with a cumulative drop of -11.01% [1] - Nanya New Materials Technology Co., Ltd. was established in 2000 and specializes in the design, research and development, production, and sales of copper-clad laminates and composite materials [1] - The fund manager of Guoshou Anbao Smart Life Stock A is Zhang Qi, who has extensive experience in the investment management industry [2][3] Group 2 - Guoshou Anbao Smart Life Stock A remains one of the top ten shareholders of Nanya New Materials, with a year-to-date return of 23.29%, ranking 245 out of 983 in its category [1] - Guoshou Anbao Fund Management Co., Ltd. was established in October 2013, with China Life Asset Management Co., Ltd. holding 85.03% of the shares [3]

Core Insights - A total of 39 companies released their semi-annual reports for 2025 on August 8, with 27 reporting year-on-year profit growth and 12 reporting declines [1] - Among these, 29 companies saw an increase in operating revenue, while 10 experienced a decrease [1] - 22 companies reported simultaneous growth in both net profit and operating revenue, while 5 companies saw declines in both metrics [1] - Six companies achieved a profit growth rate exceeding 100%, with Rongzhi Rixin leading at a staggering 2063.42% [1] Company Performance Summary - **Rongzhi Rixin (688768)**: EPS of 0.1600, net profit of 14.24 million, net profit growth of 2063.42%, operating revenue of 256.33 million, operating revenue growth of 16.55% [1] - **Feiwo Technology (301232)**: EPS of 0.4200, net profit of 31.54 million, net profit growth of 164.56%, operating revenue of 116.53 million, operating revenue growth of 81.42% [1] - **Chaoqing San (300647)**: EPS of 0.0247, net profit of 11.31 million, net profit growth of 163.01%, operating revenue of 47.44 million, operating revenue growth of 18.47% [1] - **ZheShu Wenhua (600633)**: EPS of 0.3000, net profit of 377.38 million, net profit growth of 156.26%, operating revenue of 1.41 billion, operating revenue growth of 0.09% [1] - **Ganli Pharmaceutical (603087)**: EPS of 1.0200, net profit of 603.68 million, net profit growth of 101.96%, operating revenue of 2.07 billion, operating revenue growth of 57.18% [1] - **Aixu Co., Ltd. (600732)**: EPS of -0.1300, net profit of -237.56 million, net profit growth of 86.38%, operating revenue of 844.62 million, operating revenue growth of 63.63% [1] Additional Company Insights - **Huace Navigation (300627)**: EPS of 0.5946, net profit of 326.47 million, net profit growth of 29.94%, operating revenue of 1.83 billion, operating revenue growth of 23.54% [1] - **China Mobile (600941)**: EPS of 3.9000, net profit of 8.42 billion, net profit growth of 5.03%, operating revenue of 54.38 billion, operating revenue decline of 0.54% [2] - **Anjiasi (688581)**: EPS of 1.5562, net profit of 126.02 million, net profit growth of 1.26%, operating revenue of 30.24 million, operating revenue growth of 14.56% [2] - **Lijiang Co., Ltd. (002033)**: EPS of 0.1720, net profit of 94.50 million, net profit decline of 15.86%, operating revenue of 37.77 million, operating revenue decline of 1.85% [2]

Core Insights - The company reported a total revenue of 2.305 billion yuan for the first half of 2025, marking an increase of 694 million yuan compared to the same period last year, representing a year-on-year growth of 43.06% [1] - The net profit attributable to shareholders reached 87.19 million yuan, an increase of 31.90 million yuan year-on-year, reflecting a growth of 57.69% [1] - The company experienced a negative cash flow from operating activities amounting to -70.24 million yuan [1] Financial Performance - The latest gross profit margin is 11.53%, up by 1.56 percentage points from the previous quarter and up by 1.40 percentage points year-on-year, indicating two consecutive quarters of growth [2] - The return on equity (ROE) stands at 3.38%, an increase of 1.12 percentage points compared to the same period last year [2] - The diluted earnings per share (EPS) is 0.39 yuan, which is an increase of 0.15 yuan year-on-year, reflecting a growth of 62.50% [2] - The total asset turnover ratio is 0.45 times, up by 0.09 times year-on-year, indicating a growth of 26.47% [2] - The inventory turnover ratio is 4.63 times, an increase of 1.73 times year-on-year, representing a growth of 59.78% [2] Shareholder Structure - The number of shareholders is 6,378, with the top ten shareholders holding a total of 163 million shares, accounting for 68.53% of the total share capital [2] - The largest shareholder is Shanghai Nanya Technology Group Co., Ltd., holding 52.8 million shares [2] Debt and Liabilities - The company's latest debt-to-asset ratio is 54.02% [3]