Core Viewpoint - Open Source Securities issued a report on August 22, giving a "Buy" rating to Ruilian New Materials (688550.SH) based on strong quarterly performance and growth potential from state-owned control [2] Group 1: Financial Performance - Q2 performance reached a historical high, indicating strong operational capabilities and market positioning [2] - The pharmaceutical business showed impressive results, contributing to profit recovery through effective cost control [2] Group 2: Growth Opportunities - The involvement of state-owned enterprises is expected to bring new development opportunities for the company [2] - The introduction of electronic materials is progressing smoothly and is gradually ramping up in volume [2]

Core Viewpoint - The company achieved record high quarterly performance in Q2 2025, with significant growth in revenue and net profit, driven by state-owned capital control and expansion into downstream materials [1][2]. Financial Performance - For H1 2025, the company reported revenue of 806 million yuan, a year-on-year increase of 16.3%, and a net profit of 166 million yuan, up 74.2% year-on-year [1]. - In Q2 2025, revenue reached 462 million yuan, reflecting a year-on-year growth of 26.5% and a quarter-on-quarter increase of 34.4%. Net profit for Q2 was 120 million yuan, showing a year-on-year increase of 97.5% and a quarter-on-quarter rise of 163.9% [1]. - The company adjusted its profit forecasts for 2025, expecting net profits of 335 million yuan, 403 million yuan, and 460 million yuan for 2025-2027, with corresponding EPS of 1.93, 2.32, and 2.65 yuan per share [1]. Business Segments - In H1 2025, revenue from display materials, pharmaceutical intermediates, and electronic materials was 629 million yuan, 150 million yuan, and 27 million yuan, respectively, with year-on-year changes of -5.49%, +548.61%, and +431.76% [2]. - The pharmaceutical business showed strong performance due to inventory adjustments by key clients and the continued ramp-up of core and new products [2]. Profitability - For H1 2025, the company reported a gross margin of 47.01% and a net margin of 20.6%, which improved by 8.12 and 6.85 percentage points year-on-year, respectively [3]. - In Q2 2025, gross margin and net margin were 50.39% and 26.06%, respectively, with quarter-on-quarter increases of 7.91 and 12.79 percentage points [3]. - The improvement in profitability was attributed to the strong performance of the pharmaceutical segment and effective cost control measures [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 806 million yuan for the first half of 2025, representing a year-on-year increase of 16.3%, and a net profit attributable to shareholders of 166 million yuan, up 74.2% year-on-year. The second quarter alone saw a revenue of 462 million yuan, a year-on-year increase of 26.5% and a quarter-on-quarter increase of 34.4%, with a net profit of 120 million yuan, reflecting a year-on-year increase of 97.5% and a quarter-on-quarter increase of 163.9% [3][4] - The company is expected to benefit from state-owned capital control, which is anticipated to stabilize operations and support long-term development. The company is expanding from OLED precursor materials into downstream terminal materials, and is steadily advancing the capacity expansion of pharmaceutical intermediates and electronic chemicals [3][4] Financial Performance Summary - For the first half of 2025, the company's revenue from display materials, pharmaceutical intermediates, and electronic materials was 629 million yuan, 150 million yuan, and 27 million yuan respectively, showing a year-on-year change of -5.49%, +548.61%, and +431.76% [4] - The gross margin and net margin for the first half of 2025 were 47.01% and 20.6%, respectively, reflecting year-on-year increases of 8.12 and 6.85 percentage points [4] - The company’s earnings per share (EPS) for 2025-2027 are projected to be 1.93 yuan, 2.32 yuan, and 2.65 yuan, with corresponding price-to-earnings (P/E) ratios of 22.9, 19.0, and 16.7 [3][6] Valuation Metrics - The total revenue for 2025 is estimated at 1.707 billion yuan, with a year-on-year growth of 17.0%. The net profit attributable to shareholders is projected to be 335 million yuan, reflecting a year-on-year increase of 33.0% [6][8] - The company’s return on equity (ROE) is expected to improve from 10.3% in 2025 to 11.7% in 2027 [6][8]

Meeting Overview - The board meeting of Xi'an Ruilian New Materials Co., Ltd. was held on August 21, 2025, with all 9 directors present, confirming compliance with relevant laws and company regulations [1][2]. Resolutions Passed - The board approved the 2025 semi-annual report and its summary, adhering to the disclosure requirements set by the China Securities Regulatory Commission and the Shanghai Stock Exchange [1][2]. - A special report on the storage and usage of raised funds for the first half of 2025 was also approved, in line with regulatory guidelines [2]. - The board passed a semi-annual evaluation report on the "Quality Improvement and Efficiency Enhancement Return" action plan for 2025, which aims to enhance company performance and governance [2][3].

Core Viewpoint - Xi'an Manareco New Materials Co., Ltd. reported significant growth in revenue and net profit for the first half of 2025, driven by strong performance in its pharmaceutical and electronic chemical segments, despite challenges in the OLED market [3][5]. Company Overview and Financial Indicators - The company achieved operating revenue of approximately 806.23 million yuan, a year-on-year increase of 16.27% [3]. - Total profit reached approximately 187.73 million yuan, up 72.42% from the previous year [3]. - Net profit attributable to shareholders was approximately 166.08 million yuan, reflecting a 74.22% increase [3]. - The company's total assets increased to approximately 3.56 billion yuan, a growth of 4.86% compared to the end of the previous year [3]. Business Performance Analysis - The pharmaceutical segment showed strong performance, with a significant increase in sales driven by customer inventory adjustments [5]. - The electronic chemical segment also benefited from the successful launch of new products and increased production capacity [6]. - The OLED materials segment faced challenges due to reduced demand and inventory control by major manufacturers, leading to a slight decline in performance [5]. Research and Development - The company invested approximately 70 million yuan in R&D, representing 8.68% of its operating revenue, which is a slight decrease from the previous year [10]. - The R&D efforts focus on enhancing product quality and efficiency, with a strong emphasis on innovation and technology advancement [10]. - The company holds a total of 90 authorized patents, with 10 new patents granted in the first half of 2025 [10]. Market Trends and Industry Context - The overall OLED market growth has slowed, prompting major manufacturers to adjust production capacity to avoid supply-demand imbalances [5]. - The semiconductor market is projected to grow, with a global market size reaching approximately 620.2 billion USD, indicating ongoing opportunities for the electronic chemical segment [5]. - The pharmaceutical industry is gradually recovering from a downturn, with increased support for innovative drugs and mergers and acquisitions [5].

| 公司代码：688550 | 西安瑞联新材料股份有限公司2025 | 年半年度报告摘要 | | | | --- | --- | --- | --- | --- | | | | 公司简称：瑞联新材 | | | | | 西安瑞联新材料股份有限公司 | | | | | | 西安瑞联新材料股份有限公司2025 | 年半年度报告摘要 | | | | | 第一节 重要提示 | | | | | 规划，投资者应当到 | http://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，敬请查阅本报告第三节"管 | | | | | 理层讨论与分析"中"四、风险因素"部分。 | | | | | | 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。 | | | | | | 不适用 | | | | | | □适用 √不适用 | | | | | | | 西安瑞联新材料股份有限公司2025 | 年半年度报告摘要 | | | | | 第二节 公司基本情况 | | | | | 公司股票简况 | | | | | | | 公司股票简况 | ...

智通财经APP讯，瑞联新材(688550.SH)发布2025年半年度报告，报告期内，公司实现营业收入8.06亿 元，同比增长16.27%。实现归属于上市公司股东的净利润1.66亿元，同比增长74.22%。实现归属于上市 公司股东的扣除非经常性损益的净利润1.63亿元，同比增长86.66%。基本每股收益0.96元。 ...

Growth - Teva Pharmaceutical reported a net profit of 38.01 million yuan in the first half of the year, a year-on-year increase of 1313.23% [1] - Qianfang Technology achieved a net profit of 170 million yuan, up 1287.12% year-on-year [1] - Tianyu Digital Science and Technology recorded a net profit of 23.62 million yuan, reflecting a 453.67% increase [1] - Suzhou Gude reported a net profit of 43.70 million yuan, up 310.28% year-on-year [1] - Sainuo Medical achieved a net profit of 13.84 million yuan, an increase of 296.54% [1] - Runfeng Co., Ltd. reported a net profit of 556 million yuan, up 205.62% year-on-year [1] - Guodian Nanzi achieved a net profit of 159 million yuan, reflecting a 197.03% increase [1] - Ruijie Networks reported a net profit of 452 million yuan, up 194% year-on-year [1] - Zhongjing Technology achieved a net profit of 25.74 million yuan, an increase of 144.05% [1] - China National Materials Technology reported a net profit of 999 million yuan, up 114.92% year-on-year [1] - Lante Optics achieved a net profit of 103 million yuan, reflecting a 110.27% increase [1] - Yidao Information reported a net profit of 11.41 million yuan, up 96.02% year-on-year [1] - Qianzhao Optoelectronics achieved a net profit of 69.23 million yuan, an increase of 88.04% [1] - Ruile New Materials reported a net profit of 166 million yuan, up 74.22% year-on-year [1] - Lvtian Machinery achieved a net profit of 140 million yuan, reflecting a 64.36% increase [1] - Mega Chip Color reported a net profit of 110 million yuan, up 48.83% year-on-year [1] - Jiaojian Co., Ltd. achieved a net profit of 113 million yuan, an increase of 48.66% [1] - Huhua Electronics reported a net profit of 1.683 billion yuan, up 47.50% year-on-year [1] - Sany Heavy Industry achieved a net profit of 5.216 billion yuan, reflecting a 46% increase [1] - Goodix Technology reported a net profit of 431 million yuan, up 35.74% year-on-year [1] - Allwinner Technology achieved a net profit of 161 million yuan, an increase of 35.36% [1] - Bichu Electronics reported a net profit of 640 million yuan, up 30.32% year-on-year [1] - Ganneng Co., Ltd. achieved a net profit of 438 million yuan, reflecting a 29.39% increase [1] - Weigao Medical reported a net profit of 492 million yuan, up 28.07% year-on-year [1] - GoerTek achieved a net profit of 1.417 billion yuan, reflecting a 15.65% increase [1] - Huason Pharmaceutical reported a net profit of 53.95 million yuan, up 14.27% year-on-year [1] - Gaoxin Development achieved a net profit of 66.92 million yuan, an increase of 14.06% [1] - Shanghai Jahwa reported a net profit of 266 million yuan, up 11.66% year-on-year [1] Stable Growth - Hangcha Group reported a net profit of 1.121 billion yuan, reflecting an increase of 11.38% year-on-year [2] - Dong'e Ejiao achieved a net profit of 818 million yuan, up 10.74% [2] - Beikong Technology reported a net profit of 54.31 million yuan, an increase of 10.59% [2] - Hongxin Electronics achieved a net profit of 53.99 million yuan, up 9.85% year-on-year [2] - Huace Testing reported a net profit of 467 million yuan, reflecting a 7.03% increase [2] - Samsung Medical achieved a net profit of 1.230 billion yuan, up 6.93% year-on-year [2] - Jiangzhong Pharmaceutical reported a net profit of 522 million yuan, reflecting a 5.80% increase [2] - Hualing Cable achieved a net profit of 63.64 million yuan, up 4.74% year-on-year [2] - Kuaijishan reported a net profit of 93.88 million yuan, reflecting a 3.41% increase [2] - Laishen Tongling achieved a net profit of 60.61 million yuan, turning from loss to profit [2] - Yunnan Geology reported a net profit of 22.15 million yuan, turning from loss to profit [2] - Shandong Steel achieved a net profit of 1.253 million yuan, turning from loss to profit [2] Decline and Loss - Zhongtian Rocket reported a net profit of 394,460 yuan, a year-on-year decrease of 80.74% [2] - Liuhua Co., Ltd. achieved a net profit of 344,280 yuan, down 78.01% year-on-year [2] - Qiaqia Food reported a net profit of 886.42 million yuan, a decrease of 73.68% [2] - Hangjin Technology achieved a net profit of 1.372 million yuan, down 58.38% year-on-year [2] - Taiping Bird reported a net profit of 7.771 million yuan, a decrease of 54.61% [2] - Canadian Solar reported a net profit of 731 million yuan, down 41.01% year-on-year [2] - Sinopec achieved a net profit of 21.483 billion yuan, a decrease of 39.8% [2] - Fulejia reported a net profit of 230 million yuan, down 32.54% year-on-year [2] - Palin Bio reported a net profit of 236 million yuan, down 27.89% [2] - Yiwei Lithium Energy achieved a net profit of 1.605 billion yuan, down 24.9% year-on-year [2] - Jinguang Electric reported a net profit of 42.34 million yuan, down 17.16% [2] - Hexing Co., Ltd. achieved a net profit of 107 million yuan, down 16.98% year-on-year [2] - Electric Investment Production and Financing reported a net profit of 459 million yuan, down 13.41% [2] - Tiantan Biological achieved a net profit of 633 million yuan, down 12.88% year-on-year [2] - Huali Group reported a net profit of 1.671 billion yuan, down 11.06% [2] - Zhongyou Engineering achieved a net profit of 470 million yuan, down 10.87% year-on-year [2] Further Losses - Chongda Technology reported a net profit of 222 million yuan, down 6.19% year-on-year [3] - Xinhua Department Store achieved a net profit of 86.01 million yuan, down 2.52% [3] - Zhuosheng Micro reported a net loss of 147 million yuan, turning from profit to loss [3] - Penghui Energy reported a net loss of 88.23 million yuan, turning from profit to loss [3] - Yipin Hong reported a net loss of 73.54 million yuan, turning from profit to loss [3] - Zhongbing Hongjian reported a net loss of 40.71 million yuan, turning from profit to loss [3] - Sanwei Xinan reported a net loss of 29.39 million yuan, turning from profit to loss [3] - Anyuan Coal reported a net loss of 290 million yuan [3] - Keda Xunfei reported a net loss of 239 million yuan [3] - Jishi Media reported a net loss of 23.2 million yuan [3] - Nanjing Chemical Fiber reported a net loss of 88.93 million yuan [3] - Guangsheng Tang reported a net loss of 66.69 million yuan [3] - Chutian Long reported a net loss of 39.77 million yuan [3]

瑞联新材（SH 688550，收盘价：44.2元）8月21日晚间发布半年度业绩报告称，2025年上半年营业收入 约8.06亿元，同比增加16.27%；归属于上市公司股东的净利润约1.66亿元，同比增加74.22%；基本每股 收益0.96元，同比增加74.55%。 （文章来源：每日经济新闻） ...

Group 1 - The company, Ruile New Materials, announced the convening of its fourth board meeting for the year 2025 on August 21, 2025, to review the semi-annual report and its summary [2] - For the year 2024, the company's revenue composition is entirely from the manufacturing of chemical raw materials and chemical products, accounting for 100.0% [2]